The bank stated the move is in line with its objective of promoting financial system stability. It has also issued guidelines on disposal of non-permissible income.
CBN said the framework would enhance the effectiveness of customer due diligence and Know Your Customer processes as part of the overall strategy for promoting a safe and efficient banking and payment system, adding that it would continue to monitor industry developments and issue further guidance as may be appropriate.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now